Competing Against Bigger Companies:
When smaller businesses are in the process of growing within their industry, they face lots of challenges. One of challenges is attracting talent when they go up against bigger, more established companies within their industry. Bigger companies have an easier time attracting talent since they are more established and give off the impression that they are a better place to work. When in reality, that isn’t always the case. Attracting new employees is essential for companies to grow within their industry. Here are some ideas smaller companies can use to attract talent within their industry:
Find out what benefits and perks employee’s value:
When a company personalizes their employee benefits, they will be more valued. Each company has a workforce with unique characteristics and needs. What works for one company’s workforce may not work for another company’s workforce. If the benefits are designed specifically for their workforce, they will stand out as a company
Consider a financial wellness program:
Workforce members have a lot of expenses they need to attend to, such as healthcare, child care, and other life expenses. When the company offers ways to help their employees handle their expenses they will feel less stressed and able to focus more on work and feel cared for by their company.
Take a look at voluntary benefits:
An employer can offer benefits optional benefits that can be offered at a much lower rate if offered else ware. These voluntary benefits can show real value to a company’s workforce. The voluntary benefits a company can offer will really help a company stand out amongst competitors.
Look for ways to increase flexibility:
Allowing employees to choose their own hours and maintain a healthy work-life balance has become an important benefit amongst workforce members. If a company isn’t in a positon to allow employees to choose their own hours, they can show their employees how they can be flexible with their schedule. This way, employees will have time to focus on other aspects of their life.
Be generous with P.T.O.:
Paid time off (P.T.O) can be very important for employees. P.T.O can be a way employers show they care for their employees because it will give employees time to handle emergencies or focus on some other important factors in their lives like child-care, elder care, and sickness.
Check your employee demographics and tailor benefits accordingly:
Conducting regular surveys amongst the workforce can help determine what benefits and perks are valued as these can vary over time. This way the employer will be able to keep their employee benefit packages up to date and make sure they are on the same page as their workforce.
All these ideas can really help a small business standout amongst bigger companies in their industry. Every big business started out small in their industry and had to compete to succeed. These ideas can help small business stay competitive.
Former football coach and NFL executive Vince Lombardi stated,
“The only place success comes before work is in the dictionary.”